How to liquidate a company in Colombia?

Steps to Liquidate a Company in Colombia

If you have a company in Colombia and have decided to close it, you should be aware that there is a legal process to do so. This process is called liquidation, so at Servicio Legal we will tell you how to correctly liquidate a company in Colombia.

Just as there is a step-by-step guide to creating and registering a company in Colombia, there is also a step-by-step guide to closing or liquidating it. Below we explain the process you must follow when liquidating a company in Colombia.

Steps to Liquidate a Company in Colombia

There are a series of steps you must follow when you decide to liquidate a company in Colombia, including:

Consult a Specialized Lawyer

The first thing you should do is consult with a specialized lawyer in commercial and corporate law to advise you on the steps you must follow to liquidate your company. This expert will guide you through the process and help you meet the legal requirements.

Appoint a Liquidator

The next step is to appoint a liquidator. This can be any person or entity, but it must be accepted by the Superintendencia de Sociedades (Superintendency of Societies). The liquidator's function is to represent the company in the liquidation process and guarantee that legal and financial obligations are met.

Notify Your Creditors

Once you have appointed a liquidator, you must notify your creditors and suppliers that you are beginning the liquidation process. You must inform them that the company will cease operations and the debt payment process will be carried out.

Conduct an Inventory

The next step is to conduct a detailed inventory of the company's assets and liabilities. This inventory will include all the company's assets and properties, as well as all outstanding debts. The Colombian corporate insolvency regime is a related process that addresses situations of financial crisis.

Pay Debts and Liquidate Assets

Once you have completed the inventory, it is important that you pay your outstanding debts in order to liquidate the company's assets. This includes the sale of properties, machinery, equipment, among others.

Cancel Registration with the Chamber of Commerce

Once the liquidation process is complete, you must cancel your registration with the Chamber of Commerce by means of an application where you must meet the established requirements.

Keep Accounting Records

It is important that you keep these records for a period of time established by law. These records may be necessary in the event of any future legal or tax proceedings.

Servicio Legal, expert lawyers in commercial and corporate law

If you need legal advice on how to liquidate a company in Colombia, do not hesitate to contact us to provide you with more information about this process.

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